Dubai-based online floral marketplace, Floranow, has fully acquired Bloomax, Saudi Arabia's largest wholesale distributor of fresh-cut flowers.
The transaction is funded by a combination of debt and equity, the companies said in a statement on Monday, without disclosing a value for the deal.
The deal expands Floranow’s existing operational footprint in Saudi, giving it a direct presence in nine cities. "It increases the number of companies in the KSA market buying on Floranow’s platform, to over 1,500 - and makes Floranow the largest importer/distributor of flowers in the country," the company said.
Bloomax’s current chairman, Noushad Gafoor, will join Floranow’s executive team and remain in charge of operations in Saudi Arabia, which is the GCC’s largest individual market.
Charif Mzayek, Founder and CEO of Floranow, said: “We like the KSA market a lot. It is the GCC’s largest, with exciting growth drivers, and one we have operated in successfully for several years now. We look forward to growing further there and - in tandem - prioritizing the career paths of KSA nationals, especially women.”
Floranow manages the supply chain from the farm to the florist, including all freight stages, customs clearance, quality control and last mile delivery - connecting growers to importers in over 20 markets.
(Writing by Brinda Darasha; editing by Seban Scaria)